Goldman Sachs Names New Executives, Wall Street Remembers the Fall of Lehman Brothers

  • GOLDMAN NEWS: Goldman Sachs has named a new operating chief and chief financial officer, Reuters reports. Unsurprisingly, they're both men. Want to dig deeper on Goldman? The New York Times has an interesting piece on how a former executive tried to whistleblow the company but ultimately failed. 

  • FALL OF LEHMAN: It has been ten years since banking giant Lehman Brothers had to file for bankruptcy as a result of the financial crisis. Media outlets have been sharing retrospectives on the symbolic bankruptcy all week, but our favorite piece was one by Barry Ritholtz on the crimes that were committed — but not prosecuted — before, during and after the financial crisis.  

  • MEASURING UP: JPMorgan chief executive officer Jamie Dimon said he is smarter than Donald Trump this week at an event at his company's headquarters, CNBC reports.

  • TESLA TROUBLES: Again? Yes, again. The electric car maker's chief accounting officer quit, Bloomberg reports. 

Elon Musk, Tesla Sued, Earnings Reports May Become Obsolete

  • END OF EARNINGS?: Publicly traded companies complain all the time about having to report their earnings on a quarterly basis. Harvard Business Review explores what would happen if they were no longer required to do so.

  • GEN Z WORKS: Generation Z — born from 1996 onward — is coming to the workforce, The Wall Street Journal reports. Here's what they want from work. 

  • TESLA UPDATE: Short seller Andrew Left of Citron Research is suing Tesla and Elon Musk, claiming that his tweets artificially inflated the company's stock price, Institutional Investor reports.

Duncan Hunter Accused of Campaign Finance Violations, Eventbrite Prepares for IPO

  • WITHOUT A WILL: Aretha Franklin died with a net worth of $80 million, but didn't leave behind a will, Business Insider reports. 
  • CAMPAIGN FINANCE VIOLATIONS: Representative Duncan Hunter of California has been accused of misusing campaign funds, Reuters reports. 
  • EVENTBRITE IPO: Ticketing business Eventbrite has announced that it aims to raise $200 million by making an initial public offering, CNBC reports. 
  • WHERE ARE THE WOMEN: At hedge funds, women are rarely making investment decisions. The Wall Street Journal explores why. 
  • CEO DROP: A drop in the number of female chief executive officers is dangerous for gender equity, CNN reports. 

Tesla Continues To Struggle With Bad Press, Bumble Launches Venture Capital Fund

  • TESLA TROUBLE: Electronic vehicle maker Tesla continued to struggle this week, as a former security employee has filed a whistleblower complaint with the Securities and Exchange Commission alleging that Tesla failed to disclose stolen goods to shareholders and that the company was spying on employees, CNBC reports. 
  • BIOTECH FOR WOMEN: A women's health care company called Antiva Biosciences is working to render a cervical surgery for women with HPV unnecessary. But male venture capitalists and OBGYNs are struggling to see the importance of the drug, Stat News reports. 

  • LEAD BETTER: Managers often waste their employees' time. The Wall Street Journal details how managers can become better at providing the right amount of work for the people they employ.

  • GENERIC EPIPEN: The U.S. Food and Drug Administration has approved a generic version of the EpiPen, which will drive down the cost of the pricey drug, Marketwatch reports. 

  • BUMBLE BIZ: Bumble announced Wednesday that it plans to launch a venture capital fund dedicated to investing in women-owned and -operated businesses, TechCrunch reports. 

  • MOVIEPASS MADNESS: Try to cancel your Moviepass? Double check that it actually went through. Vox reports that some users were re-enrolled.

Tesla Stock Bounces, Rep. Collins Charged With Insider Trading

  • TESLA TROUBLE: Electronic vehicle maker Tesla's CEO Elon Musk made waves this week when he tweeted that he was going to take the company private for $420. The company's stock bounced, and investors were confused whether the series of tweets were a joke. It turns out Musk was serious: Tesla is considering going private, which will give Musk and investors more control while allowing them to avoid short sellers. The situation, though, led to an investigation on the part of the Securities and Exchange Commission, Bloomberg reports. 
  • COLLINS COMPLICATION: New York Rep. Chris Collins was charged by the SEC this week for insider trading, The New York Times reports. He sat on the board at a biotech company and allegedly alerted family members to the news that one of its drugs had failed a trial. They allegedly sold shares of the company based on that information.
  • MEDIA MERGER: Tribune Media, which was set to be sold for $3.9 billion to the Sinclair Broadcast Group, terminated its merger this week, according to Reuters
  • ADMIRABLE WITCH: Hetty Green was a powerful force on Wall Street in its early days. This New York Post piece explores her influence and why she was considered a witch by some.

Apple Stock Sets Records, Physical Therapy's Wage Gap Persists

  • APPLE RECORD: Apple's stock set records on Thursday when its market capitalization hit $1 trillion, CNBC reports. The company's stock is the first publicly traded U.S.-listed company to hit $1 trillion. 
  • SAY HER NAME: Nia Wilson, an eighteen-year-old black woman from Oakland, California, was murdered randomly by a white man on July 22. Her death, and how it was treated in the media after, is an example of how in the United States, far less attention is paid to the random deaths of women of color than white women, according to the New Yorker
  • REAL SUCCESS: The RealReal, a luxury online consignment store, is set to open its second brick and mortar store soon, according to CNBC. This bodes well for the consignment industry, the report says. 
  • CBS EARNINGS: CBS reported earnings on Thursday, but spent no time discussing allegations of sexual harassment by its CEO Leslie Moonves published in the New Yorker earlier this week, according to the Wall Street Journal.
  • PHYSICAL THERAPY'S WAGE GAP: The wage gap is a major problem for the physical therapy industry, a new survey shows

Facebook Stock Tumbles 18%, 23andMe Is Sharing Customer Data With Drugmaker Glaxo Smith Kline

  • FACEBOOK FUMBLE: Facebook's (FB) stock fell nearly 20%, losing almost $120 billion in value, Marketwatch reports. The cause for the drop? In Facebook's Wednesday earnings report, the company said it expects revenue to drop in future quarters. 
  • AMAZON EARNINGS: Amazon also reported second-quarter earnings this week. The online retail giant attributed record profits to a boost in ad sales and cloud computing, Reuters reports.   
  • NINE TO FIVE: The nine to five workday is getting in the way of women's progress at work, according to CNN
  • DOMESTIC VIOLENCE LEAVE: New Zealand has enacted a policy that allows victims of domestic violence to receive paid leave for up to ten days, giving them time to find a new home and to get their affairs in order, according to The Guardian
  • 23andMe: Drugmaker Glaxo Smith Kline has teamed up with 23andMe to use the genetic data collected to create new drugs, according to NBC News.

- Alicia McElhaney / She Spends Issue #63

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Comcast Drops Bid for 21st Century Fox, Goldman's CEO Steps Down

  • DEAL DROP: Comcast announced Thursday that it would drop its bid for 21st Century Fox's entertainment assets, clearing the way for Walt Disney Co. to make the acquisition, the Wall Street Journal reports.
  • CROWDSOURCING WHAT?: Employees are donating their vacation days to their pregnant co-workers so that they have some semblance of maternity leave, according to Buzzfeed News
  • BRING THIS TO THE WATERCOOLER: This money diary of a woman interning in New York, making $25 per hour and still receiving a large stipend from her parents made its rounds this week. Check out the Refinery29 piece and let us know what you think. 
  • GOLDMAN PEOPLE MOVE: The chief executive officer of investment giant Goldman Sachs, Lloyd Blankfein, announced his retirement this week. David Solomon will take his place. 
  • PRIME FAIL: Amazon's website crashed on Prime Day this year. These documents, obtained by CNBC, show how.

- Alicia McElhaney / She Spends Issue #61

 

 http://markvomit.tumblr.com/post/84869936300

http://markvomit.tumblr.com/post/84869936300

AT&T-Time Warner Deal Under Fire Again, Johnson & Johnson Pays Up in Talc Lawsuit

  • #METOO ON WALL STREET?: Lauren Bonner is suing her employer, hedge fund Point 72, for gender discrimination. This week, she appeared on Christiane Amanpour's television show to discuss what it could mean for the finance industry. 
  • SHINE SHOW: Reese Witherspoon announced on Twitter Thursday that she is launching a new television show called Hello Sunshine that will celebrate the accomplishments of women from all walks of life. 
  • APPEALING CASE: The Justice Department announced Thursday that it will appeal the approval of the AT&T-Time Warner acquisition, according to CNBC. It had previously been approved, but the department is now questioning whether it violates antitrust laws. 
  • TALC PROBLEMS: Johnson & Johnson will have to pay a $550 million to victims suing the company for its baby powder, Reuters reports. The victims allege that J&J's baby powder had asbestos in it, causing ovarian cancer in women who used it. 
  • DIVERSITY DIVIDENDS: Ensuring that a team is diverse can pay off financially for a company, a new Harvard Business Review article shows. 
  • FEMINIST FAIL: The man behind Feminist Apparel, a popular clothing company that popped up following the 2016 election, has a history of sexually assaulting women, Refinery 29 reports. 

- Alicia McElhaney / She Spends Issue #60

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Immigrant Family Separation Policy Costs Taxpayers Millions, Goldman Sachs Announces $500 Million Investment in Women

  • IMMIGRANT FAMILIES: This week's headlines focused on the 2,000 children who have been separated from their parents at the U.S.-Mexico border. Not only is the move deeply concerning, but it also costs a lot of money, Vox reports. Though President Donald Trump signed an executive order that will stop children from being separated from their families, there are still many who have yet to be reunited with their parents.
  • FINDING MEANING IN ADULTHOOD: As we delay marriage and having children, many women are finding different ways to measure adulthood milestones, Bustle reports. 
  • GOOD ON GOLDMAN: Goldman Sachs announced this week that it will invest $500 million in businesses and financial products run by women, according toBloomberg
  • INTERNET TAX: The Supreme Court ruled Thursday that internet retailers must collect sales taxes in states where they have no physical presence, the New York Times reports.
  • INTEL ISSUES: Intel's chief executive officer Brian Krzanich resigned Thursday after it came to light that he had a consensual relationship with an employee that the company found to be in violation of its code of conduct, Reuters reports. 

- Alicia McElhaney / She Spends Issue #59

 Illustration by Eleanor Taylor 

Illustration by Eleanor Taylor 

New York's Attorney General Sues Donald Trump's Foundation, Bitcoin Prices Are Being Manipulated, Study Shows

  • FUNNY MONEY: The New York Attorney General's office is suing to dissolve the Donald J. Trump Foundation for allegedly using the foundation's fundraising for personal gain. 
  • BOARD SEAT EQUALITY: California's state Senate passed a board seat equality bill earlier this month. Racked reports on how this could change the makeup of the executive suite at different companies. 
  • BIG SHOCK: New research shows that bitcoin prices are being manipulated, according to CNN
  • IS THAT A BEAR?: Big banks slipped into bear market territory this week, according to the Financial Times. Though the rest of the stock market didn't slip, it could be a sign of an imminent recession. 
  • IMMIGRATION UPDATE: An undocumented mother's infant daughter was taken away as she was breastfeeding her, CNN reports. 
  • SCIENTIFIC SEXUAL HARASSMENT: A landmark study on science jobs and sexual harassment had dismal results, STAT News reports. 

- Alicia McElhaney / She Spends Issue #58

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EPA Chief Used Power To Help Wife, Himself; Medicare and Social Security Running Out Faster Than Expected

  • EQUAL PAY DAY: The Equal Pay Act was passed in the United States 55 years ago Thursday, but the wage gap still persists. Check out what people on Twitterare saying about the problem. 
  • PRUITT PROBLEMS: Environmental Protection Agency chief Scott Pruitt had a busy week. The Washington Post reported that he enlisted staff to help buy his wife a Chik-fil-A franchise. A separate report said he asked staff to track down difficult-to-find lotion. 
  • KATE SPADE: Beloved handbag designer Kate Spade died by suicide this week, the New York Times reports. If you're struggling with your mental health, reach out
  • SOCIAL PROGRAM INSOLVENCY: Medicare and social security are running out at a faster rate than expected, The Washington Post reports. 
  • PROBLEM WITH ZELL: Real estate investor Sam Zell tried to talk about gender diversity and the #metoo movement at a conference this week, only to end up using a vulgarity while doing it, Bloomberg reports. 
  • PAY DAY FOR R+F: The billionaire dermatologists who own Rodan + Fields stand to make a lot of money from the leveraged loan market, according toBloomberg

- Alicia McElhaney / She Spends Issue #57

Trump Introduces New Tariffs, Equal Rights Amendment Inches Closer to Full Ratification

  • TARIFF TROUBLE: President Donald Trump announced Thursday that the United States will impose tariffs on steel and aluminum imports from some of its closest allies, including Canada, Mexico and the European Union, the Wall Street Journal reports. These groups announced that they would impose retaliatory tariffs on similar goods from the United States, sparking fears that a larger trade war could be afoot.
  • CONTROVERSIAL OPINION: Some millennial women are worried and ashamed of out-earning their male partners, according to CNBC.
  • EQUAL RIGHTS AMENDMENT: Illinois voted to ratify the Equal Rights Amendment this week, Time reports. The Constitutional amendment, which would ensure equal rights for all citizens, regardless of sex, is only one state away from becoming an actual change to the U.S. Constitution.
  • BOUJEE BABE: The She Spends Facebook group is buzzing about Anna Delvey, the con artist who tricked many into believing she was a wealthy socialite. The Cut explains how she rose to the upper echelons of New York society, and subsequently fell when she couldn't make good on the money promises shemade.
  • DEATH TOLL: A Harvard analysis of Hurricane Maria's death toll in Puerto Rico shows that roughly 6,000 people died in the storm, rather than the 64 people the government initially reported, according to Buzzfeed.

- Alicia McElhaney / She Spends Issue #56

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Banking Rules Rolled Back This Week, The NYSE Welcomes Its First Female COO

  • RULE ROLLBACK: The major banking regulations that came out of the Great Recession were partially rolled back by Congress and President Donald TrumpThursday, CNBC reports. The rollback of regulations will benefit mid-sized banks and community lenders.
  • ABORTION FUNDING: President Donald Trump announced late last week that he planned to ban the use of family planning clinics that refer women for abortions, The Hill reports.
  • WOMEN IN DEBT: Just one-fifth of the employees in the private debt industry are women, according to The Lead Left. Yikes. 
  • NYSE: The New York Stock Exchange hired its first female chief operating officer in its 226 years of existence this week, the Wall Street Journal reports
  • NO NORTH KOREA MEETING: President Donald Trump's decision to pull out of his meeting with North Korea's leader resulted in a stock sell off Thursday, according to Reuters.  
  • GOVERNMENT-BACKED MORTGAGES: Small-time bankers are making a ton of money by selling home loans to customers with weak credit or low income,Bloomberg reports. Sounds like the catalyst for the Great Recession to us.

- Alicia McElhaney / She Spends Issue #55

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Donald Trump Helps ZTE Corp. With Business, Women With Working Moms Make More on Average

  • TRUMPED UP ZTE: President Donald Trump said he was working with Chinese President Xi Jinping to keep telecommunications company ZTE Corp. in business, the Wall Street Journal reports. 
  • WORKING MAMAS: Women who grew up with working moms make 23%more than their counterparts who had stay-at-home mothers, Time reports. 
  • RETIREMENT SAVINGS: The internet exploded this week when Marketplaceshared a story on how you should have twice your salary saved by age 35 for retirement.
  • TROUBLES AT TESLA: A board member at Tesla was temporarily ousted for allegedly sexually harassing women at his own venture capital firm. He could now be permanently removed from Tesla's board, according to Markets Insider
  • LADIES GET A LAWSUIT: Remember that Ladies Get Paid lawsuit? The men who sued the group are on a bit of a warpath, according to NBC San Diego

- Alicia McElhaney / She Spends Issue #54

 Illustration by Libby Vanderploeg : https://giphy.com/libbyvanderploeg/

Illustration by Libby Vanderploeg : https://giphy.com/libbyvanderploeg/

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Stormy Daniels' Lawyer Reveals Shady Payments, Ladies Get Paid Gets Sued

  • WTF FINANCING: This week, Stormy Daniels' lawyer released documents that show that AT&T, biotech giant Novartis and a private equity firm called Columbus Nova made payments to a shell company owned by Michael Cohen, Donald Trump's lawyer, in exchange for access to the president. Bloomberg has more on the developing story. 
  • LADIES GET PAID: A men's rights group sued Ladies Get Paid for discrimination this week. Ladies Get Paid is raising money to settle and continue working to ensure that women get paid what they're worth. 
  • STYLE SPENDING: An app completely changed the way one reader looks at spending on clothing. Her Glamour story explains.
  • TRIPLE F: Venture capital firm, Female Founders Fund, has closed on its latest round of funding, TechCrunch reports. 
  • MAGIC MATH: This Bloomberg piece shows how companies try to use math to make it seem like they no longer have a wage gap. 
  • TAX PROBLEMS: The Baltimore Police Commissioner was charged with failure to file taxes this week. Darryl De Sousa didn't pay taxes for three years, according to the Maryland Attorney General's Office
  • BANKRUPTCY BUYOUT: The Weinstein Company has been acquired after filing for bankruptcy, according to Institutional Investor. 

- Alicia McElhaney / She Spends Issue #53

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T-Mobile, Sprint Finally Announce Plans to Merge, Birchbox Finds a Buyer in its Hedge Fund Investor

  • MEGA MERGER: Sprint and T-Mobile have finally come to a merger agreement,The New York Times reported this week. The deal is still subject to Federal Trade Commission approval, which industry experts believe is unlikely as the deal currently stands. 
  • #METOO NEWS: Lauren Bonner, the Point72 employee who is suing her company for gender discrimination, is still showing up to work, according to The New Yorker
  • HEDGING ITS BET: Birchbox's venture capitalist investors were bought out this week by hedge fund Viking Global Investors, according to ReCode
  • SOUNDS DANGEROUS: One of the world's largest asset managers, Blackstone Group, is pushing into the subprime auto loan market, according to Financial Times
  • TALK ABOUT IT: The majority of women would rather talk about death than money, according to Marketwatch
  • SALE FAIL: The sale of Anthony Scaramucci's hedge fund, Skybridge, to HNA Capital Holding, a Chinese investment company, has fallen through, Institutional Investor reports. 
  • READING WAGE GAP: Books written by women are priced 45 percent lower than those written by men, a study revealed this week, according to The Guardian

- Alicia McElhaney / She Spends Issue #55

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Ronny Jackson Withdraws VA Nomination, California May Require At Least One Woman to Sit On Company Boards

  • SHADY AFFAIRS: Ronny Jackson, the White House physician who was President Donald Trump's nominee to head up the Department of Veterans Affairs, withdrew his nomination this week after it was revealed by the New York Times that he was involved in a drunk driving accident and overprescribed opiates to certain patients. 
  • WEWORK'S WEIRD ACCOUNTING: WeWork has a funny way of explaining its value, The Wall Street Journal reports. In short, they used the phrase "community adjusted Ebitda," which calculates their earnings differently than traditional Ebitda.
  • BOARD EQUALITY: California could become the first state to mandate that at least one woman is on the board of every company headquartered there,Bloomberg reports. 
  • FEELING FLEECED: One woman wore a fleece vest, the fashion statement synonymous with finance bros, for a week. She wrote a Buzzfeed article about how it felt. 
  • THE MAGICIAN OF MANHATTAN: A Manhattan socialite duped the author of this Vanity Fair piece and left her out nearly $62,000. Read how in this juicy, travel-filled piece. 
  • SEND TO A MAN IN YOUR LIFE: This piece from Quartz breaks down emotional labor for men. Definitely forwarding to all the woke dudes in our lives. 
  • HBCU HOMECOMING: Beyonce and Google have teamed up to offer even more scholarships to eight Historically Black Colleges and Universities, Teen Vogue reports. 

- Alicia McElhaney / She Spends Issue #51

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FINRA Rarely Rules in Favor of Women in Sexual Harassment Cases, Elon Musk Needs a Couch (Apparently)

  • LOBBY NEWS: There was a lot of campaign finance news this week from both sides of the political aisle. The Wall Street Journal detailed how Democratic lobbyist Tony Podesta lost it all. Meanwhile, the Republican National Committee deputy finance chair stepped down after it was reported that he paid off a Playboy bunny to the tune of $1.6 million, according to Politico
  • EGREGIOUS RECORD: In 30 years, only 17 out of 98 women have won sexual harassment claims before FINRA, Wall Street's oversight body, The Interceptreports. 
  • GROUPON GAL: Tiffany Haddish has the best budgeting advice. She told W Magazine: "Whatever the bag costs, I should be able to keep that amount of cash in the bag. If it’s a $300 purse, I have to put $300 in cash in that purse. I do not want a bag that is more expensive than the cash I have to put in it."
  • CROWDFUNDING FOR A BILLIONAIRE: Elon Musk apparently can't relax, so fans are crowdfunding to buy him a couch, Buzzfeed reports. Yeah, we don't get it either. 
  • STATE STREET: State Street's iconic advertisement, the Fearless Girl, is now moving to the New York Stock Exchange, Markets Insider reports. 
  • PRIME AUDIENCE: Amazon CEO Jeff Bezos finally revealed this week that Amazon Prime has 100 million subscribers, Recode reports. 
  • UNLAWFUL TOUCHING: Ernst & Young partner Jessica Casucci has filed a sexual harassment lawsuit against E&Y, which is one of the largest accounting law firms in the country, CNBC reports. 

- Alicia McElhaney / She Spends Issue #50

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Mark Zuckerberg Appears Before Congress, T-Mobile, Sprint Ponder Merger

  • GOLDEN BOY NO MORE: The biggest news in business this week was that Mark Zuckerberg, founder of Facebook, appeared before Congress for the first time. The Economist breaks down what to make of his testimony. 
  • MOBILE MERGER: Somehow T-Mobile and Sprint are still trying to work out a deal, despite the Federal Trade Commission previously shutting the acquisition down, Markets Insider reports. 
  • THERANOS IS DONE: Theranos, the biotech company that never really made anything, despite claiming to, has fired the remainder of its staff, the Wall Street Journal reports. 
  • MAJORITY MINORITY: Black men are grappling with their identity as a racial minority and a gender majority, according to Harvard Business Review
  • ZITS AND WEALTH: Good skin can be a signifier of wealth. Racked breaks this down in their new Acne Issue. 
  • TRADE TRIBULATIONS: Want to go deep on the ongoing trade tensions between China and the United States? Bloomberg Businessweek has an awesome, detailed read on the unintended consequences of a trade war.  

- Alicia McElhaney / She Spends Issue #49

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